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Here are some charts of the instruments listed above. Beans has been playing out well. I wish I had traded it. Gold seems like more downside to come once its done, but we will see. 6E, CL and ES have me confused. I'm not sure if the down move is over or not, but there could be some strength before a move down. Or I could be way off. We will see.
Another update to the instruments above. We did break higher on all of the above, but gold has been the weakest. I think we are at resistance and could pullback before going higher, or we could just make another push higher. Volume is not behind the move, but markets can rise on low volume. We will see for how long.
In the charts from the prior update I question if there was a lower high in gold. The high was taken out.
Here is the latest update of the instruments above.
I feel as though beans could be setting up for a nice short opportunity at ICE around 1300. Lets see if it gets there.
Gold has been in a sideways to higher grind and at some point decide what it wants to do. At first i though we would get a move to the downside, which we may, but I'm wondering if we see a burst up first. I don't know.
6E, CL and ES all seem similar and seem to want to go higher before any move lower.
Just name it and I make it. Impatience and fear of missing out has me entering too soon and fear of loss has me exiting too soon. Greed has me over leveraging. I had a string a of positive trades with larger size that ended and continued to use larger size than I should to make it back. Revenge trading. Its like the complete opposite of the way one needs to be in this business. The last few weeks I have been improving, but I need to keep on top of myself at all times. The urge to act impulsively is there and I need to talk to myself to make sure I am trading setups and not emotions.
I know it's a bit far off (scheduling can be complicated), but Dr. Gary Dayton will be back to talk about trading the Wyckoff Method on December 13th @ 4:30PM, and answering questions as well:
Dr. Gary Dayton has confirmed for December 13th @ 4:30PM Eastern. He will be talking about trading the Wyckoff Method, something he calls "Deep Practice - How to read the market".
ES tried to breakout to the upside, but couldn't. Since it could not rally it sold off. It is now pulling back on weak volume. Could see another leg down.
Update: first line of resistance did not hold. May be returning to test ice. If gets back inside sideways range and holds, probably goes higher.
I'm took a gold trade that is counter trend, but was at resistance in multiple way. It was at the top of the channel, at horizontal resistance, and there was shortening of the thrust at that level. I'm risking 5 points and looking for 20+. At the entry GC was already down 7+ points. I expect to see continuation to the downside, at least for Wednesday.
